Word: retailing
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Dates: during 1960-1969
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...billion over the next 3½ years. Effective the day after the President signs the bill this week will be cuts of some $1.75 billion, including a reduction to 7% of the 10% tax on cars (retroactive to May 15) and total repeal of the 10% tax on the retail price of jewelry, furs, cosmetics, toiletries, luggage, handbags, and the 10% tax on the manufacturer's price of air conditioners (also retroactive), business machines, sporting goods, phonograph records, musical instruments, television sets, radios, phonographs, photographic equipment and film (see U.S. BUSINESS...
Died. Byron Schermerhorn Harvey, 62, board chairman of the Fred Harvey restaurant chain (60 restaurants, nine hotels, 35 retail shops) originally founded by his grandfather in a Topeka train station in 1876 to make the travelers' lot a bit happier, in those early days, by giving them good food served by pretty waitresses in prim uniforms, later immortalized by Judy Garland's 1946 Harvey Girls; of cancer; in Chicago...
...after which the House passed the bill by a vote of 401 to 6.* As whooshed through by the House, the bill would repeal "luxury" taxes in three stages over four years. The first reduction, amounting to $1.7 billion and to become effective July 1, would repeal the 10% retail tax on jewelry, furs, cosmetics and other toiletries, lug gage, handbags and other leather goods, as well as the 10% manufacturer's tax on business machines, sporting goods, phonograph records, musical instru ments, television sets, radios and phono graphs, refrigerators, freezers, electric, gas and oil appliances, pens...
Blasted hardest of all were junkyard owners, who sent their own representatives, tried desperately to defend themselves by defining their roadside eyesores as "a retail automobile-dismantling shop engaged in a business that is neither dishonest nor degrading." Harvard Law School Professor Charles Haar snapped back, "The only way to clean up these places is through strong legislation; voluntary actions on the part of junkyard owners are few and far between...
Good Timing. As it stands now, the bill would end excise taxes completely on more than 1,000 items, among them the 10% retail levies on jewelry, furs, cosmetics, luggage and handbags, as well as manufacturer's taxes at varying rates on everything from business machines to cameras, radios and playing cards. The 10% tax on telephone and Teletype service would fall to 3% next Jan. 1, be repealed in stages over the following three years. Levies on stock and bond sales, property conveyance, light bulbs and auto parts would also...